Overview Edit

"The European Union implemented a VAT Directive in July 2003, removing tax on exports of electronic services from the EU and, at the same time, requiring collection of VAT on electronic services imported into the EU by consumers from suppliers outside. In order to facilitate collection of VAT on these imports the EU followed a recommendation in a 2001 OECD report by allowing overseas suppliers to use a simplified on-line system of registration, reporting and payment. Unaccounted (i.e. untraceable/anonymous) payment systems could pose even greater problems for tax administrations."[1]

References Edit

  1. Online Payment Systems for E-Commerce.

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